Federal Reserve Board Governor Christopher J. Waller addressed the evolving roles of centralized and decentralized finance (defi), particularly focusing on bitcoin and crypto-assets, in a speech on Friday at the Vienna Macroeconomics Workshop.

Waller explored the origins and impact of bitcoin, emphasizing its design as a “trustless” system that allows users to control their assets without intermediaries, a stark contrast to the traditional, centralized financial systems. However, the Fed governor raised critical questions about whether the regulatory frameworks used in centralized finance should also apply to defi technologies. “In centralized finance, there are regulations that require banks to know who their clients are. Are similar rules and regulations needed around some of these new technologies?” he pondered, emphasizing:

When it comes to our financial plumbing, which affects every person or business in one way or another, I think a balanced view of expeditious disruption and long-term sustainability is merited.

While bitcoin and other defi technologies offer efficiencies and innovations, Waller expressed skepticism about the possibility of completely decentralizing finance. He pointed out that intermediaries, such as crypto exchanges, still play a crucial role in managing crypto-assets on behalf of users, reintroducing trust into the system. He opined:

Is it really possible to completely decentralize finance using these technologies? The answer is obviously ‘no.’ Intermediation is still valuable for the average person, and we see this by the existence of trading exchanges in the crypto world.

“All these platforms involve giving custody of one’s crypto-assets to an intermediary, who conducts trades on behalf of the client. This reintroduces the need for trust in these platforms just as trust is needed in modern banking systems,” the Fed governor added.

In addition, Waller discussed the potential benefits of stablecoins, which are designed to maintain a one-to-one peg to the U.S. dollar. While stablecoins could reduce payment intermediaries and transaction costs, Waller cautioned that they face risks similar to other substitutes for the U.S. dollar, such as financial runs and regulatory challenges.

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